Bitcoin whales have been HODLing over the last few weeks as the price of BTC moves sideways. CryptoCompare data shows that bitcoin has been trading between $30,000 and $40,000 for about a month now, and according to on-chain data the supply of BTC in whales’ hands is now at a 27-month high.
According to cryptocurrency analytics firm Santiment the top bitcoin whales – addresses or clusters of addresses with over 100,000 BTC – now hold 3.64% of the flagship cryptocurrency’s supply, the most they’ve had since April 2019.
Meanwhile, whales with between 10,000 and 100,000 BTC now hold 10.91% of the cryptocurrency’s supply, which is an all-time low.
Last month, CryptoGlobe reported data shows bitocin whales were accumulating as much BTC as possible ever since the price of the cryptocurrency plunged from its near $64,000 all-time high, as in a 25-day period whale wallets added a whopping 90,000 BTC to their holdings.
Santiment has also identified bullish indicators for the flagship cryptocurrency. According to the firm, Bitcoin’s market value to realized value (MVRV)) ratio, which tries to identify market bottoms and tops, is flashing a bullish signal, as Daily Hodl reports.
Moreover, the firm has noted that the amount of daily inflows of bitcoin to cryptocurrency exchanges and the total supply of BTC on these platforms “have experienced a sharp 50-day drop,” which implies that selling pressure on the cryptocurrency is set to drop exponentially.
Some market analysts, it’s worth noting, aren’t bullish on the cryptocurrency. Scott Minerd, Global Chief Investment Officer of Guggenheim Partners and the Chairman of Guggenheim Investments, the man who said last December that “Bitcoin should be worth about $400,000”, shared his latest thoughts on Bitcoin. To Minerd, the recent bitcoin price crash could see the cryptocurrency drop to $10,000.
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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
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